Risk Identification and Analysis Concurrently: Group Decision Making Approach

The identification and analysis of project risks among potential risks is a multi attribute group decision making problem. Conventional approaches to risk identification and risk analysis separately tend to be less effective in dealing with the imprecise of the risk analysis individually. The aim of this paper is to present a new methodology for identifying and analyzing risks concurrently by applying Multi Attribute Group Decision Making (MAGDM). The paper includes a new procedure for classifying potential risks which it is the Potential Risks Breakdown Structure (PRBS) based on project Work Breakdown Structure (WBS). Moreover, lessons learned and Nominal Group Technique (NGT) are utilized for gathering potential risks. Obtained results have been applied in gas refinery plant construction successfully.